The Best One Yet
🩱 “Keeping Up With $5B” — Skims’ money situation. Country Music’s AI hit. Netflix’s theme park opens. +Harvard Grade InflAAAAtion
13 Nov 2025
Chapter 1: What is the main topic discussed in this episode?
This is Nick. This is Jack. It's Thursday, the new Friday, November 13th, and today's pod is the best one yet. This is a T-boy. The top three pop business news stories you need to know today. Happy Vest-vember to all those celebrating. I can't believe you're not wearing your vest today, Jack. What happened to that thing? I mean, I wore it like three days in a row.
don't think i could do it for at a certain point you couldn't even fit it in the studio that was a big vest jack yetis we got three fantastic stories for today's show jack what do we got on the pod for our first story kim kardashian's skim brand just hit a five billion dollar valuation in the private stock market but is five billion bucks a lot well it's ten times more than victoria's secret and two and a half times more than nike according to wall street math we'll explain
For our second story, the number one country song in the charts right now, we're 99% sure it's AI. Breaking Rust is the mysterious new AI singer, but like any good country song, this one has got layers. And our third and final story is Netflix. Netflix just opened its first theme park, Netflix House, just outside of Philadelphia. It's like Disney World, but done Netflix style.
So let's go inside together. But yetis, before we hit that wonderful mix of stories, I mean, have we done a better mix? I love this mix, Jack. Nick, it seems like every week there's a new type of inflation we got to Yeah, we cover it for the Yetis.
Chapter 2: What is Kim Kardashian's Skims valuation and why is it significant?
Shrinkflation, greedflation, tipflation, feeflation, postinflation, eggflation, you nameflation. But the latest inflation is the smartest. Grade inflation. Actually, Jack, it's the dumbest, and it's hitting hardest over at Harvard. Get this. 60% of all final grades given out at Harvard University last year were A's.
I'm sorry, Jack, did the Harvard professors miss out on the chapter about the bell curve? More than half of Harvard students are straight A students. I'm sorry again, Jack, is that normal, my friend? No, not even for Harvard is that normal. No, in fact, besties, Jack and I strapped on our J.Crew pleated khakis and we jumped into the numbers.
20 years ago, only 25% of the grades at Harvard were A's. Today, 60% are A's. I mean, we're not math majors, but that's what our TA would call an outlier. How do you like them apples? They're not adding up there. They're not adding up. Jack, as a lacrosse player, I can tell you there's someone on the Harvard lacrosse team who should be getting a C every now and then. But here's the wildest part.
Students are getting better grades at Harvard, even though they're doing worse at school. Get this, Professor Pinker is given the same psych exam at Harvard for 20 straight years. And in those 20 years, the average test score is down by 10 points.
Okay.
But the average grade,
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Chapter 3: How did AI create the number one country song in America?
is up. How is that? I believe the SAT word for that, Jack, is dubious. Yet he's the gradeflation situation got so bad, the professors have been summoned to the dean's office. Because in the Ivies, besties, B is the new D, and D is the new, I got a number. How you like them apples? Hey, Goodwill Humpton, how you like them transcripts?
Jack, let's hit our three stories. 15 years before this song, two boys from the Northeast met in the dorm. They had an idea to cause a cultural storm. It's the best one yet, but the best is the norm. Jack Nick, that's it. I don't even think they need to practice. 50%, that's a fat tip. T-Boy City on your at list. If you know, you know, cause we ready to go.
We can't wait no more, so just start the show.
First, a quick word from our sponsor. For our first story, we just got an update on Skims' stock price. Kim Kardashian's apparel company is now worth $5 billion. Using Wall Street math, Skims is now worth two and a half times as much as Nike and 10 times as much as Victoria's Secret. We'll explain how we did that. Now, yetis, Kim Kardashian, technically, she's still not an actual lawyer.
Yeah, she hasn't passed the California bar yet, although she is working on it. However, Kim Kardashian is a very successful fake lawyer, Jack. Very successful right now. True, true. On TV, Kim Kardashian stars in the new show, All's Fair, the number one show on Hulu right now. Also, Kim's still the matriarch's patriarch of the Kardashians, her OG reality show.
I don't know if that's the correct label for her, but it sounds right. We'll roll with it. And Kim's Apparel brand, Skims, well, they just raised venture capital money at a whopping $5 billion valuation. That's almost one lift. And with that fresh new cash, they're going to build new physical stores on top of the 18 that Skims already has.
Building stores faster than Kris Jenner can get a facelift. But two years ago, besties, we said that Skims was the Spanx of Gen Z. Wrong. Because since Skims' last fundraise, they've added a men's line. They've outfitted the U.S. Olympic team. They've partnered with the NBA and the WNBA. And they've become the latest arm candy for Nike. So forget Spanx.
Kim Skims is basically a full-body experience. And they're co-ed. So, in that time, the valuation has risen from $4 billion two years ago to $5 billion today.
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Chapter 4: What is the issue of grade inflation at Harvard University?
Okay, but pause the pod for a sec, besties. When Jack and I saw this fundraise, we were kind of surprised it wasn't more. With its current $5 billion valuation, the private stock is only up 20% in two years. The S&P 500's up way more than that. So yetis, Jack and I put back on our financial, I'm not going to say caps, I want to say vests here, and decided we can't compare skims to the S&P 500.
Right, Jack? Yeah, the S&P 500 is on fire simply because of like seven AI companies at the top. On the other hand, what we should do is compare skims to other apparel companies in the public markets. And that's where the comparison gets interesting. You see, Skims is worth far less than Nike and Lululemon or The Gap. It's simply a way smaller company.
But by using Wall Street math, we can properly compare Skims Apple to Apple by looking at its sales multiple. Exactly. So let's do it, Jack. Whip up the whiteboard. Skims, their $5 billion valuation, that is five times their sales numbers because Skims will sell about $1 billion of goodies this year. So 5x the sales.
On the other hand, Nike and Lululemon sales multiples are just two times their sales. Their valuation is twice as much as their revenues. So if you look at the multiple, Skims is worth two and a half times as much as Nike and Lululemon, apples to apples. Jack, how How about Victoria's Secret and The Gap? Let's compare their sales multiples to Skimm's.
Their market caps are actually less than their sales. And again, Skimm's valuation is five times bigger than their sales. So besties add up all these numbers and investors want Skimm's stock way more badly than they want those other apparel and underwear companies. Probably because it's way faster growing, has a way higher profit margin, and let's be honest, it's just a way cooler company.
Well put, Jack, well put. Or maybe it's because Skims' ceiling is, to quote Elphaba, unlimited. And now we are officially the first podcast to break down Skims' valuation, weave in Wicked, and then hit our takeaway. All wearing underwear that we wish was Skims. Yeah, if you're listening, Kim, which we know you are. So Jack, what's the takeaway for our buddies over at Kim's Skims?
Skims will be Victoria's Secret plus L'Oreal plus Lululemon, if everything goes right. Now, Yetis, Jack and I are actually interviewing Jim Cramer next week in New York. And you know what Jim likes to talk about? A thing called total market opportunity. Basically, if everything goes right, what markets could this company win in? That's the total market opportunity.
Well, Skims started as a shapewear brand and then a loungewear company, and now it's athletic apparel and pretty soon footwear. Skims also owns 20% of Kim Kardashian's beauty brand, so they're in cosmetics too. Also, Jack, Skims' latest product, it's a sculpting face wrap that you wear at night. I don't know what category that is. It isn't a category.
I don't even know why it's not a real category. It's a thing. It's just a thing. Will Skims someday outfit a presidential candidate and get into formal wear? Probably. Besties, Kim Kardashian's fame and track record as a tastemaker is best in the business. Yes, the disruptors can eventually get disrupted, but Kim doesn't see a limit in the categories that Skims can enter.
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Chapter 5: How does Skims compare to Nike and Lululemon in valuation?
Now, in high school, we called it an up-down. Burpee's a better name. Royal Burpee, though, is the best name. If only he had trademarked that term. Yetis, you look fantastic today. And if you are looking at us because you're watching us on YouTube right now, we love seeing you over there, don't we, Jack? Smash the subscribe button.
Yeah, if you're watching us on YouTube, remember to like us and subscribe and drop a comment so we can hang out with you there too. First thing I do every morning is check the YouTube comments and reply to the ones that reference me. If you know, you know, Jack and I will see you tomorrow.
And before we go, congratulations to legendary Yetis Kristen Sachorski and Eric, who are celebrating the best wedding yet this weekend. And the maid of honor, their sister, is a longtime Yeti. You guys look fantastic. And Adam Brink, the crab man from Baltimore up in Brookline, Massachusetts, is celebrating the most fantastic birthday.
And a big shout out to Kelsey Black, one of the four finalists for the Community Builder Award during the Austin Business Women Awards. And Rima Nayak and Sean Thomas down in Atlanta, Georgia have been together for eight wonderful years. Congratulations, guys. Happy anniversary. And to anyone else celebrating something today, make it a T-boy. Like, subscribe, and celebrate the wins. This is Jack.
I own stock of Disney, Netflix, and Victoria's Secret. Nick owns stock of Lululemon and Nike, and we both own stock of Spotify and Apple.
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